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Monday, December 7, 2009

Morning Market Report

Friday could be chalked up to the go figure department. Following the jobs report, things looked like we'd have a monster day in the market. In the morning, that's exactly what we had. Market indices were up between 1.5%-2% in the morning. Then, they turned around. Each index was down during the rest of the day before all closed with relatively modest gains.

This morning the dollar/equity dynamic is back. Futures are edging lower in pre market trading. As that goes on, the dollar continues to strengthen. So, the inverse dollar/equity dynamic is back today.

Meanwhile, Fed Chairman, Ben Bernanke, will be the financial rock star today. He'll testify at his confirmation hearing this morning and then speak at the Economic Club in the afternoon.

Federal Reserve Chairman Ben Bernanke will again command investor attention today, following his lengthy appearance at his confirmation hearing on Capitol Hill last week. He'll speak to the Economic Club of Washington at noon New York time.

Bonds are relatively quiet this morning. The ten year U.S. Treasury bond is slightly better and is now at 3.46%. That still represents the top of a trading ranging over the last few months. The yield spread between the two and ten year is holding steady at 2.55%. The three month t bill is steady at .035% yield. That's still in postive territory and it hasn't tested a negative rate since reaching it now about two weeks ago. Meanwhile, gold and oil are showing weakness this morning. Oil is now trading at $75.14 and gold is trading at $1146 an ounce after crossing $1200 last week.

Markets in the Far East were mixed. The Hang Seng in China was down .77%, the NIKKEI in Japan was up 1.45%, and the Straits Time Index was up .21%.

Meanwhile, the dollar is up by .35% against the Euro, up by .72% against the British pound and up .69% against the Japanese Yen.